Medvedev: Need to discuss modern currency system

Let me get this straight…Russia puts all its eggs in one basket and when the handle falls off the basket, it’s the dollar’s fault. Good Soviet thinking there, Dmitri.

Russian president Medvedev says that the G20 needs to discuss a “modern” currency system and that the crisis has shown that the current currency system is not adequate.

With the dollar nearly 30 big figures stronger than it was at mid-2008, it is hard to blame the dollar for the crisis. Cheap yuan, is a bigger contributor and that can be sorted out with the stroke of a pen…

EUR/USD trades at 1.3265 with the market little ruffled by the blizzard of pre-G20 comments.